The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-27
The Virginia State Debt
10 lie RaopLe Of Hirqinia !.

To tie People Of Virginia:
At a meeting Of Virginia Bondholdcrs, con
Vened by the Council OF Foreign BOndhOlders,
and held on Friday, the oath Of september.
1886 at the CannOn-street Hotel, London,
the following resolutions were passed unani-
mOusy
That this meeting deplores the long contest
into which the bOndhOldeTs have been forced
for the maintenance OF their rights. anu whlle
asserting its stc0dtast determination not 10 dc-
cept the RiddlCbcrgcr settlement, which, in
view OF the admitted ability OF Virginia 10 set
tie with her creditors, and the sacrifices they
have already made on her behalf, 10 considers
dishonest and unjust, hereby expresses its
willingness 20 meet the State and entertain "a
reasonable compromise based upon the pres
cnt taxation and the available revenue, after
providing for the Constitutional appropriation
for government, schools, and other public OK
pcnditure."
The state had the benefit OF the whole of the
money she originally borrowed (S4pDWU. II
laid the foundation of her roads. railways, and
canals. and has brought millions of dollars
into the country Had you not constructed
these public works with the bOndhOldcrs'
money you would have 70 be taxed now for
them.
No State which borrowed money ever en-
jOyed the benefit OF its loans more than Viz
gnia has done. See Senate Document XIV.
Session. lS,G-'1S.l
The present unsettled condition Of the debt
is keeping capital and immigration out OF Viz
GINA, and as long rs matters so continue You
will never develop the splendid resources OF
the State in the way they deserve
The revenue OF Virginia is increasing. The
last assessment shows an increase OF $500
90 i'm taxable values Your present revenue
might be largely increased II the taxes were
more carefully collected and the present as
easements on property cqualized throughout
the State.
What might have been difficult 10 do few
years ago Is easy now, and each year the bur
den will become Lighter. When the debt qucs-
fiQu settled caUltal and gufeTUTlS4l. which
now holds alOOf Will flow into the state
The settlement offered by the OOndholders
proposes that the bonds now in existence bear
ing receivable coupons should bc deposited
in some trust company that new bonds should
be issued in their place, bearing no taXreceiy
able coupons. and at a low rate OF interest
When the state pays half years interest on
the new bonds the taxi receivable coupons for
that half-year shall be- cut on the old bonds by
the trust company, cancelled, and delivered TO
the state. Any increase on the present rcyc-
nue. will be appropriated by the State and
the bOndholders will not have any claim on IT,
There was IA cash balance last July in the
Treasury OF $4,000, and the average purchase
of Riddeberger 3's by the State has been at
the rate OF 100000 per annum in cash. The
State has some millions OF dollars of assets
which would help her in arranging a settle
ment.
The bondholders are as deeply interested as
you are in maintaining the credit and prosper
ity OF your State. They ask for Il fair hearing
and Il discussion OF the question by business
men, and not by politicians whose interest IL
* 10 prevent AN understanding being arrived
at and an honorable compromise made.
The best way OF bringing about this settle
mcnt Is for taxpayers 10 tender coupons IN
payment of their taxes. In view OF the con
cilatOry spirit and liberal offer made by the
creditors ! venture respectfully 10 submit 10
yon that il is your moral duty, as well as your
legal right ana privilege 70 teSder g9sPPRI Tor
1876